Revett Provides Update on Troy Mine and Announces Year End 2012 Reserves and Resources
SPOKANE VALLEY, WASHINGTON -- (Marketwire) -- 02/05/13 -- Revett Minerals Inc. (TSX: RVM)(NYSE MKT: RVM)(NYSE Amex: RVM) ("Revett" or the "Company") is pleased to provide an update on underground activities at its Troy Mine along with an update of year-end 2012 reserve and resource estimates.
Troy Mine Update
The Company recently completed underground travel-way inspections from the South Adit. The inspections, in coordination with MSHA and a Revett geotechnical consultant, confirmed groundfall along a portion of the main haulage route approximately 3,000 feet from the South Adit entrance. Based on information gathered to date, a connecting drive from a northeastern stope of the North Orebody to a southeastern stope in the Lower Quartzite is currently being developed and will allow for further inspections of the mine and planning of alternate haulage and utilities routes. The Company has continued to scale and dewater sections of the North Orebody from the Service Adit and has regained access to portions of the Lower Quartzite haulage route which remains operable. The new connecting drive and ongoing inspections are expected to be completed within three to four weeks.
The Company is currently following a plan to safely resume production, including development of a secondary escape-way and rerouting of utilities which we believe will lead to commercial operations recommencing by early April 2013. Should the Company discover structural damage in the Lower Quartzite haulage route, alternative access routes may need to be considered. The Company will provide an update if structural damage is discovered in the Lower Quartzite haulage route or other factors that hinder the Company's ability to meet the timeline currently being proposed.
John Shanahan, Revett's President and CEO stated "We are pleased that our assessments to date of the North Orebody, which is our main production mining area, indicate that it is largely unaffected by recent structural ground issues. Regaining full and safe access to these areas and developing new haulage and regress routes will be our prime focus over the coming 8-10 weeks. The South Orebody remains somewhat problematic, and we will have limited access in that area in the immediate future. We thank everyone, particularly our shareholders and employees, for their patience and support."
Troy Exploration and Reserve Highlights
Highlights:
-- Replaced 100% of reserves mined in 2012 including additions in the South
Ore Body I Bed, resulting in an eight year life of mine as of December
31, 2012;
-- Identified additional exploration drill targets through recent drilling
on the southern and eastern extensions of I Bed; continued exploration
planned in 2013;
-- Discovered additional anomalous mineralization in the I Bed beneath the
North Ore Body and East Ore Body.
Exploration efforts at the Troy Mine during 2012 have successfully replaced the ore mined in 2012 thus increasing mine life to eight years, utilizing the current mine plan and forecasted economics. The Company intends to continue exploration adjacent to current mining areas which will further define the continuity of the deeper I Bed mineralization east and south of known mineralization. The program is designed with the intention of extending the current mine life and production. Targets for 2013 exploration will also focus on mineralization trends (in addition to I Bed level) to the south and east of the Troy Mine within our extensive claim blocks. Our goal is to optimize production through the existing Troy Mine infrastructure.
Troy Reserves & Resources
Estimated Mineral Reserves and Resources as of December 31, 2012 are as
shown in the following tables:
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Troy Reserves (Dec. 31, 2012) Grades Contained Metals
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Tons Copper
Classification(1) (Mst)(2,3) Silver (opt) Copper (%) Silver (Moz) (Mlbs)
Proven 2.14 1.46 0.73 3.12 31.17
Probable 8.93 0.90 0.31 8.02 55.77
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Total 11.07 1.01 0.39 11.14 86.94
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1. Mineral Reserves have been categorized in accordance with the
classifications defined by the Canadian Institute of Mining, Metallurgy,
and Petroleum ("CIMM").
2. Does not include resources contained in planned pillars. Only material
scheduled to be extracted and milled included.
3. The estimated mineral reserves were calculated by Mr. Larry Erickson, P
Eng., a Qualified Person ("QP") in accordance with Canadian National
Instrument 43-101 ("NI 43-101"). They are stated using a cut-off grade of
US$ 29.99 net smelter return per ton calculated at US$ 28.83/oz Ag and
US$3.67/lb Cu. Mr. Erickson is an employee of Revett and is not
considered independent.
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Troy Resources (Dec. 31, 2012) Grades Contained Metals
Classification(1) Tons Copper
(Mst)(2,3) Silver (opt) Copper (%) Silver (Moz) (Mlbs)
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Measured 48.60 1.36 0.66 65.99 646.21
Indicated 15.12 1.09 0.38 16.47 113.54
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Inferred 1.50 0.71 0.30 1.06 8.86
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Total Measured &
Indicated(i) 69.07 1.22 0.57 84.57 781.93
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JF Property(4)
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Total Inferred 11.00 1.40 0.40 15.40 88.80
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(i)Pillars Incl.
in Meas. & Ind. 49.07 1.33 0.65 65.45 639.65
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1. Mineral Resources have been categorized in accordance with the
classifications defined by the CIMM.
2. Includes Proven & Probable Reserves and resources contained in existing
pillars.
3. The estimated mineral resources were calculated by Mr. Larry Erickson, P
Eng., a QP in accordance with NI 43-101. They are stated using a cut-off
grade of US$ 29.99 net smelter return per ton calculated at US$ 28.83/oz
Ag and US$3.67/lb Cu. Mr. Erickson is an employee of Revett and is not
considered independent.
4. Resources listed for the JF Property are a historical estimate with the
meaning of NI 43-101 and have not been audited by a QP. In 1992, ASARCO
reported in an internal report a "Mineral Reserve" for the JF deposit of
"11 million tons grading 0.4% Cu and 1.4 opt Ag." This historical mineral
resource estimate, which was prepared before the adoption of NI 43-101
and uses categories other than the ones set out in section 1.2 of NI 43-
101, is considered relevant. A QP has not, however, done sufficient work
to classify the historical estimate as current mineral resources and
accordingly, Revett does not treat ASARCO's historical estimate as
current mineral resources. The reader is cautioned that the ASARCO
historical estimate should not be relied upon. Revett has not yet taken
the steps to validate this drilling information with new drilling data,
however, Mr. Larry Erickson, P Eng., a QP in accordance with NI 43-101,
has reviewed ASARCO's drilling data (ie; core logs, assay results,
sections) and believes it to be reliable. Mr. Erickson is an employee of
Revett.
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Larry Erickson, P. Eng., an employee of Revett and a QP, has reviewed the technical information in this new release.
About Revett
Revett, through its subsidiaries, owns and operates the currently producing Troy Mine in Lincoln County, Montana and development-stage Rock Creek Project located in Sanders County, Montana, USA. The proven reserves at the Troy Mine and significant resources at the Rock Creek project form the basis of our plan to become a premier mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.
John Shanahan, President & CEO
Except for the statements of historical fact contained herein, the information presented in this news release may contain "forward-looking statements" within the meaning of applicable Canadian securities legislation and The Private Securities Litigation Reform Act of 1995. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "is not expected", "budget", "schedule", "estimates", "forecasts", "intends", "anticipates", "or does not anticipate" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements contained in this news release include statements relating to the Company's long term mining plan, and the Company's expectation that operations will resume in early April 2013. Actual results will depend upon the results of the assessments conducted, the views of MSHA and decisions made my management having regard to the nature of the geotechnical conditions and the safety of Revett's employees. Forward-looking statements, including future-oriented financial information, are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business and economic uncertainties, risks and contingencies and those factors discussed in the section entitled "Risk Factors" in the Form 10-K filed on SEDAR at www.sedar.com and with the SEC on EDGAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Revett Minerals does not undertake to update any forward-looking statements except as required by applicable securities laws.
Contacts:
Revett Minerals Inc.
Monique Hayes
Corporate Secretary / Director of Investor Relations
(509) 921-2294
www.revettminerals.com